Biogen (BIIB) Stock Forecast & Price Target

Biogen's stock has experienced a notable increase, rising approximately 35% since the beginning of the third quarter of 2025, largely attributed to an expanding amyloid-beta treatment landscape benefiting its newly launched product Leqembi. Key product launches such as Leqembi, Skyclarys, and Zurzuvae have outperformed expectations, indicating strong commercial execution and positioning the company for potential revenue growth of $2.5-3.0 billion by 2030 through these initiatives. Furthermore, while the declining multiple sclerosis franchise remains a significant revenue source, the company's diverse pipeline and management's strategic approach to business development create a foundation for long-term financial growth.

Biogen's outlook is negatively impacted by the anticipated launch of Sandoz's biosimilar to Tysabri, which is expected to exert additional pressure on the multiple sclerosis (MS) business, a segment that already accounts for 45% of total revenue and is projected to decline by 6% in the second half of 2025 compared to the first half. The company is also facing a significant drop in royalties from Ocrevus starting in 2029 due to the entry of its first biosimilar, projected to reduce overall EBITDA by 4% from 2026 to 2030. Overall revenue growth is expected to be largely flat during this period, compounded by challenges in newer franchises and ongoing pressures in the U.S. market.